Inventory system in which managers count and record

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Reference no: EM132191067

1. Cost of goods sold: beverages / Target beverage cost percentage is known as the formula for

A. suggested selling price.

B. beverage cost percentage

C. beverage cost percentage.

D. cost of goods sold: beverages.

2. All but the strongest beers should not be stored for longer than

A. three to four weeks.

B. three to four years.

C. three to four days.

D. three to four months.

3. An inventory system in which managers count and record the amounts of each product in storage is known as

A. perpetual inventory

B counting inventory

C. bin system

D. physical inventory

4. At the beginning of the day there were 5 bottles of Chardonnay in inventory. During the course of the day, 2-12 bottle cases were received and 7 bottles were issued to the bar, 2 bottles to catering, and 1 bottle to room service. Using the perpetual inventory system, what was the inventory level for this item at the end of the day?

A. 19 ea

B. 21 ea

C. 14 ea

D. 17 ea

5. At the beginning of the month, there were 5 bottles of Cabernet Sauvignon in inventory with a value of $12 per bottle. During the month, on the 10th, 5 bottles were received at a cost of $13 per bottle; on the 17th, a case of this Cabernet Sauvignon was received at a cost of $10 per bottle; and on the 24th, 3 more bottles were received at a cost of $10 per bottle. At the end of the month there were 10 bottles left in inventory. What is the value of this inventory?

A. $130

B. $100

C. $110

D. $90

6. At the beginning of the month, there were 5 bottles of Cabernet Sauvignon in inventory with a value of $12 per bottle. During the month, on the 10th, 5 bottles were received at a cost of $13 per bottle; on the 17th, a case of this Cabernet Sauvignon was received at a cost of $10 per bottle; and on the 24th, 3 more bottles were received at a cost of $10 per bottle. At the end of the month there were 10 bottles left in inventory. What is the value of this inventory?

A. $130

B. $100

C. $110

D. $90

Reference no: EM132191067

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